Microeconomic decisions in the Real World

Situation Three: (3 marks)

You finally graduate from high school and cannot wait to attend college. You want the most out of your college experience, so you decide to buy all the books for the first year. At the end of the first year, you realize that you won't need these books for the second year. Therefore, you want to sell them to raise cash ...what do you do?

Questions:

1. When should you put the books up for sale?
2. What could influence the price of a used textbook?
3. Why might a textbook not sell?

Hint: Relate all your answers to supply and demand.